PRESS RELEASE

Arbovax, Inc. and Immunobiosciences, Inc Announce a
Collaborative Agreement on Dengue Vaccine Research

Raleigh, NC (May 20, 2008) - Arbovax, Inc (Arbovax) and Immunobiosciences, Inc (IBI) today announced that they will initiate research collaboration on the development of safe and effective vaccines for dengue, a viral disease that is transmitted by mosquitoes. Arbovax will use their proprietary technology to develop host range mutations of the dengue 2 virus and these mutants will then be formulated with antibody into immune complexes based on the IBI patented process. New inventions will be jointly held by both companies.

"This agreement combines the novel technologies of both Arbovax and Immunobiosciences that should accelerate the development work on dengue vaccines for the human market" according to Dr. Paula Keith, V.P. of Business Development at Immunobiosciences. "Dengue is an emerging global viral disease where the vaccine market is estimated at over 1 billion dollars. We are delighted to combine our scientific know how with the Arbovax team to create a unique synergy that will benefit both companies."

"Arbovax is very excited at the prospect of working with Immunobiosciences", said Malcolm Thomas CEO of Arbovax. "We feel their technology has the potential to significantly improve the quality of the immune response when used in conjunction with our modified virus. We see this collaboration as adding considerable value to both companies' research efforts".

Arbovax, Inc. is an early stage company focused on the commercialization of a novel and innovative technology to facilitate the development of vaccines against insect-borne viruses. The company has a seasoned management team with extensive start-up and large corporation experience in the biotechnology and pharmaceutical marketplace. Their core technology, developed by Dr. Dennis Brown and Dr. Raquel Hernandez of NC State University, provides a platform that offers improved vaccine technology in a cost effective manner targeting a portfolio of arthropod-borne diseases including Dengue Fever, Japanese Encephalitis, West Nile and Yellow Fever. The technology offers significant improvements in vaccine design over current methodologies for safety, efficacy and cost as well as the potential to address the over 200 insect-borne diseases that affect humans and animals worldwide. The company is well positioned to take advantage of the current increase in awareness and investment in vaccines against such diseases. Arbovax's initial focus, Dengue Fever, is ranked second, only behind Malaria, by the World Health Organization for its devastating global impact.

Immunobiosciences, Inc has proprietary rights to a novel Immune Complex Vaccine (ICV) technology that has the potential to improve the safety and efficacy of vaccines containing live, attenuated, or killed viruses and bacteria. The ICV technology utilizes neutralizing antibodies in the form of either specific hyper-immune antiserum or monoclonal antibodies that are mixed with viruses or bacteria at the appropriate predetermined ratio to form an antigen-antibody immune complex vaccine that can be used to redirect immune responses. The technology has been successfully tested using several viral and bacterial test systems in multiple species and shown improved efficacy with both veterinary and human vaccine candidates. Immunobiosciences currently has three research license agreements in place with major animal health companies and is working with six recognized academic research institutions to demonstrate the performance of ICV technology in selected, high value human vaccine applications. The ICV Technology was originally invented by Dr. Craig Whitfill as a faculty member at the University of Arkansas, Fayetteville. ICV technology has progressed beyond the research stage and has been successfully incorporated into two poultry vaccines, Bursaplex (R) and Newplex (R) that have been approved by regulatory authorities. These ICV products are marketed by Pfizer's Animal Health division and Bursaplex(R) is sold in 27 countries. With Dr. Craig Whitfill as President and CEO, Immunobiosciences Inc. acquired exclusive, worldwide rights to all non-avian applications of the ICV technology from the University of Arkansas in 2004; IBI completed its seed round of financing in December 2005, followed by a successful secondary round in January 2008. Immunobiosciences is located on the Centennial Campus of North Carolina State University and has leased laboratory space in the Pylon complex adjacent to the NCSU Vet School.

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